Carrefour eyes plan for Brazil, China growth: FT

Reuters Staff

2 Min Read

PARIS (Reuters) - Carrefour (CARR.PA) expects to have a plan in place by 2014 to expand in Brazil and China, its second- and fifth-biggest markets by sales, the Financial Times quoted the French retailer’s chief executive as saying.

General view of Carrefour's Bercy hypermarket in Charenton, a Paris suburb, February 8, 2013. REUTERS/Jacky Naegelen

The company’s rate of growth in those markets is “probably insufficient”, the newspaper quoted CEO Georges Plassat as saying in its Tuesday edition.

“We are working on a strategy,” Plassat was quoted as saying. “These are big countries, and there are lots of possibilities but I hope the plan will be ready by the beginning of next year.”

Carrefour has raised around $3.6 billion by selling units in Indonesia, Colombia and Malaysia as part of its strategy of raising cash to defend positions in western Europe, China and Brazil.

In Turkey, meanwhile, Carrefour is talking to joint venture partner Sabanci (SAHOL.IS) about options for its business there that could include combining with Migros, a retailer controlled by private equity group BC Partners, the newspaper said.

Plassat said it was probable the situation would be clarified in several weeks, according to the paper.

Carrefour had said it was reviewing the future of the joint venture after Sabanci said a year ago it was unhappy with Carrefour’s performance.